October 13, 2017 / 11:50 AM / 2 months ago

South African Airways given brief reprieve on maturing debt

CAPE TOWN (Reuters) - South Africa’s state-owned airline SAA has been given until the end of October to settle 5 billion rand ($374 million) of maturing debt to domestic lenders, although the relief may be extended a further two years, Finance Minister Malusi Gigaba said in a report to parliament on Friday.

Passengers board a South African Airways the capital aircraft t the Hosea Kutako International Airport, outside Windhoek in Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko

The debt had originally been due to be paid at the end of September. South African Airways (SAA) was last month provided with emergency state funds from the Treasury to repay 3 billion rand in loans from Citibank amid concerns the airline would default on its payments.

($1 = 13.3800 rand)

Reporting by Wendell Roelf; Editing by James Macharia

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